Tuesday, November 23, 2010

Morning Post, SPX, S&P 500, e-mini

S. Korean sentiment at this time - 좃같은 놈. 네 엉덩이를 걷어차 갈거야.Stick that in your Google translator and smoke it. Can I have some of that emotion over here and direct it at the Fed? 

Did you see that We're not the largest holder of our own debt? Foshizzle. Translate that into Chinese and you get 你傻不要脸. Dig this from our buddies at Zero Hedge The Beginning Of The Ponzi End: As Of Today, The Biggest Holder Of US Debt Is Ben Bernanke. Add to that the slight issue of record insider selling  Insider Selling To Buying Ratio Approaches Five Digits, Hits Record 8,280x In Week Ending November 19 and you get a nasty brew.

Economic Calendar -  GDP is now a non event. Jobs tomorrow. Please ALWAYS check the calendar.

Earnings Calendar - Earnings info here at MarketWatch Earnings Summary HERE.

Pivot Points -

POMO Schedule -  Today is the last POMO day till Monday. (really we'll most likely have POMO from now to infinity or till the systemic failure that is destined to come.) 

Shanky's Dark Side - Where I call all the intraday action and throw out tons of charts.

Possible HnS on the minis. At this time skeptical me is viewing it as a possible buying opportunity on the last POMO day till Monday. Pink neckline is the old busted upper diagonal resistance off the 1227 top that is providing support here.

The dollar may be breaking out here. I guess when you are the largest fiat currency on the planet you get a pass as towards realistic valuation.

SPX daily - Showing you this chart cause it gives all the support areas if price should break down. Looks like the dailys will continue their push south thanks to N. Korea.

At this time I am still going to hold on to both counts for up and down. So we're either in the 5th and final wave up, or this is still the 4th wave corrective down. I give a slight chance that the top is set already. With POMO and manipulation, regardless of the groundswell of negative events I can't rule out the power of the Fed. 

This fall should cement that the C move of this ABC corrective is on and the target should be near 1147 for C=A which works nicely with the 38% fib off the 1010 low. 1173 is a key low. Keep an eye on that level. Lower low there will signal more weakness to come. Of course we still have to get to that level. the gap from 79 to 84 should come into play after the open. 

They are making it harder and harder every day for me to retain upside bias (like that is impossible to do anyway for a sane person with the ability to rationalize thought). We all know it will crumble soon. Has it started is the big question. It very well could have, but you can never count out the resilience of a dealer playing with a rigged boot. I'll call it today on the Dark side like I do every day delivering timely charts and analysis. Come check it out. 

GL and happy Thanksgiving.